TORRANCE, CA -- (Marketwired) -- 07/03/13 -- Pacific Property Transfer (PPT), a Southern California-based company specializing in the transfer of timeshare properties, began transferring their first Florida timeshares in compliance with the new law that went into effect July 1, 2013. The law, known as the Timeshare Resale Accountability Act, was intended to protect owners from falling prey to timeshare resale and listing scams.
The Timeshare Resale Accountability Act (HB7025) was designed by Florida lawmakers, backed by special interests and the American Resort Development Association (ARDA). The law is designed to restrict or block timeshare transfers from owners who either no longer have use for their resorts or who can no longer financially afford to keep them. The bill specifically deals with any timeshare located within the state of Florida.
Timeshare resale scams have been a problem ever since the timeshare industry began. With more states working alongside the federal government, steps have been put in place in order to combat this problem plaguing timeshare owners across the country. In recent months there have been more than 184 people indicted on federal and state charges around the nation for timeshare resale scams. -- (ABC News) Jonathan and Christine Gibbs of Olympia, Washington were indicted in June for scamming more than 30,000 timeshare owners throughout the United States out of millions of dollars.
"The new Florida law we believe is a great deterrent for scam companies who don't have the financial means to transfer these properties legally through a third-party escrow company as mandatory under the Timeshare Resale Accountability Act. Pacific Property Transfer began the transfer process on our first Florida properties under the new law yesterday," said Cynthia Marks, Business Development Director of Pacific Property Transfer.
Pacific Property Transfer advises consumers to do their due diligence with regard to research on purchases of any large ticket items. Take time to research the company. If a resale company asks for money upfront to "list" a property or they require payment in order to get the buyer information, they are most likely not a reputable business. A company who will provide a written guarantee at the onset of a transaction may be something very valuable when considering companies who claim to be able to get you out of your timeshare.
For more information about Florida House Bill HB7025, please visit their web page at http://www.myfloridahouse.gov/Sections/Bills/billsdetail.aspx?BillId=50197. For more information on the services offered by Pacific Property Transfer, please visit them at www.pacificpropertytransfer.com.
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